formats

Welcome to News & Events

Published on December 20, 2011, by in Industry News.

Welcome to The Fraud Practice’s FraudBlog; your source for updates on current events, commentary and best practices related to the eCommerce CNP payments and fraud industry.

Be sure to signup to see all of our content to include our free monthly FraudBlog Newsletter.

 
formats

Mobile Wallet Isis to Change Name, Begin Rebranding Effort

The mobile wallet joint venture Isis founded by AT&T Mobility, T-Mobile USA and Verizon Wireless is in the process of changing their name to avoid confusion and mis-association with a militant group that has garnered much media attention of late, commonly referred to by the acronym ISIS.

Not to be confused with the Islamic State of Iraq and Syria (ISIS) militant group, the U.S. mobile wallet service Isis, backed by three major mobile network operators, is actively working on a new brand and name. Michael Abbott, Isis Mobile CEO, elaborated that even though the association between the mobile joint venture and the terrorist group is coincidental, the mobile wallet company has “no interest in sharing a name with a group whose name has become synonymous with violence.”

Read More

 
formats

Largest Grocer in U.S. Prepares to Enter eCommerce with Vitacost Acquisition

Kroger, the largest pure grocery store chain by sales in the United States, recently purchased online vitamin merchant Vitacost.com for $280 million to gain a stronger presence in internet retail as they face increased competition from the likes of Amazon, FreshDirect and others selling groceries online.

At first glance, a grocery store acquiring a vitamin retailer may not seem relevant to eCommerce retail, but the $280 million dollar investment by Kroger is about “progress towards a more Omnichannel experience,” as explained by the company’s CEO, Rodney McMullen.

Read More

 
formats

More and More Mobile Malware

Malware targeting mobile devices has increased for the fifth consecutive quarter and has increased 167 percent from Q1 2013 to Q1 2014, according to the latest McAfee Labs Threats Report.

Merchants aren’t the only ones putting more emphasis and importance on the mobile channel, fraudsters are as well. This is evidenced by the growth of new malware targeting consumers on mobile devices; McAfee catalogued 2.4 million new samples of mobile malware in 2013 and about 750,000 in just the first quarter of 2014.

Read More

 
formats

Visa becomes third major card association to join FIDO Alliance

Visa follows Discover and MasterCard’s lead becoming the third card association to join the Fast Identity Online (FIDO) Alliance’s board of directors. The FIDO Alliance is focused on developing standards and technical specifications to make online authentication more secure.

The FIDO Alliance was formed in mid-2012 to address two primary issues with online authentication: the lack of interoperability standards across strong authentication devices, and the reliance on consumer created usernames and passwords, which are often weak and used across multiple platforms. Discover and MasterCard joined as board members towards the end of 2013, and Visa is the most recent board member to join announcing their participation in late May.

Read More

 
formats

New technology verifies device users by how they use the touchscreen

Researches at Georgia Tech have developed a security system that recognizes and distinguishes a mobile device user from other people based on patterns, pressure and speed when swiping and tapping touch screens. Successful implementation would provide extra protection against device theft and preventing access to banking, email and other apps or accounts.

The new behavior-based system is called LatentGesture and was developed by the Georgia Tech College of Computing. The researches named the profile of how a user swipes and measurement of pressure using touch screens the “Touch Signature.” In a study using Android devices the system was 98 percent accurate when used on smartphones and 97 percent accurate on tablets.

Read More

 
formats

Use of Consumer Authentication in eCommerce Annual Survey, 2014

The new survey presented by The Fraud Practice and CardinalCommerce asked nearly 450 organizations worldwide the most pertinent questions about consumer authentication to find out how they perceive and use programs such as Verified by Visa and MasterCard SecureCode.

The results are presented in a whitepaper called, “Use of Consumer Authentication in eCommerce” and show that a vast majority of those who use, offer, or support consumer authentication today feel the tool is a valuable asset with a positive impact on overall business. Ninety percent of respondents who use programs such as Verified by Visa and MasterCard Secure Code claim the tool is somewhat to highly valuable.

Download Free Copy of Survey Results Whitepaper

Read More

 

 
formats

250 million stolen credit cards for sale online

According to estimates from fraud prevention startup Trustev, there are 250 million compromised payment card numbers for sale in the online black market. The ease with which fraudsters can obtain this information emphasizes the importance of being able to effectively authenticate and verify identity information provided online.

Trustev, an Ireland based startup and fraud prevention vendor, released a Global Fraud Monthly Threat Briefing for the month of April. In addition to finding that there are currently more than 250 million stolen credit cards for sale online, the briefing included several interesting fraud statistics based on Trustev’s client base of over 100 customers based on activity seen during March.

Read More

 
formats

Heartbleed may have ripple effects on websites and authentication

All organizations need to be thinking about the future of user authentication and the heavy reliance on passwords which may be on the brink of change, and Heartbleed may have been the catalyst.

By now we are all familiar with the Heartbleed bug and OpenSSL vulnerability, but the fallout from the breach of information Heartbleed caused is only just beginning. Just about any password used online in the past two years could have potentially been compromised while many organizations are still working to repair encryption systems and put out the fire.

Read More

 
© The Fraud Practice LLC 2012